* 75 year lease with an option to extend another 20 years. Numbers here are based on the 75 years **not** the 95 years.
* Therme will spend $500M on building, $200M on the publicly accessible shoreline and park areas.
* Therme will pay $1.96B over the course of the lease in rent and maintenance payments
* Ontario is on the hook for $25M in specific costs for site remediation before Therme starts building.
* Ontario can terminate the lease after ten years, with five years notice.
* There needs to be at least 1800 available parking spaces on site.
* Under terms of the deal, Therme won’t be allowed to operate any other business on the Ontario Place site, such as a casino or shopping mall.
* The lease requires Therme to pay 100 per cent of property taxes to the City of Toronto as well as corporate taxes, sales taxes and any other fees due “like other companies.”
* the public will have “unrestricted access to the waterfront at all times” while within the leased area
​
On rent/payments:
* property taxes utilities and fees are owed to the city
* 1.1 billion in rent payments. So about 14 mil per year over 75 years
* 855 million in “maintenance payments”. This the part where Therme maintains the beaches and trails, I think. Its about 12 million per year
* combined to about 26 million per year
​
* rent is paid based on 3.5% of the land value, indexed to inflation starting in 2025 which amounts currently to 2 million.
* Rent seems to ramp up after 2034 where its around $40 million a year
* total of 84 million per year between 2034 and 2044. Unclear if that’s total or per year
* If Therme beats performance expectations the government gets millions extra starting in 2034
DataDude00 on
Conservatives leasing off public assets on a 90+ year lease
I’ve seen this one before…
Fun-Persimmon1207 on
Where was the open call for tenders, so other companies could bid on developing the land?
dogwalkerott on
Does anyone know how big a spa this will be that they need 1800 parking spots?
GracefulShutdown on
You know, the bath concept worked so well for the Romans…
Can we get some aqueducts to go with it?
ReplaceModsWithCats on
This another one of those ‘common sense’ decisions we’re supposed to expect from the Cons?
vafrow on
Its absolutely remarkable that a provincial government is able to float the idea of paying about 10x the initial price to cancel one ~100 year lease while in the process of selling off another public asset on a similar lease shrouded in secrecy and face absolutely zero political repercussions.
Just a gaggle of people shrugging and going along with what the beer guy says.
ca_lawyer on
I still can’t get over the fact that no one asked for this bullshit? Like I’m sorry but can you point me to the part of DoFo’s campaign where he said this was needed/would be explored and it was at least implicitly approved by his voters? Or any time when there was some sort of public call to bulldoze one of our most beloved public spaces and lease it over to a foreign corporation?
It’s mind boggling that we are letting him get away with this while people are sleeping in parks and food banks are overrun in our province.
Professional-Sock709 on
How long until it becomes an Indian temple?
Punkin_Gus on
How much are Ford and his friends getting in kickbacks to approve this?
monkeytitsalfrado on
Another 100 year lease like the 407. Great, let the Ontario place gouging begin.
11 Comments
Some key highlights:
* 75 year lease with an option to extend another 20 years. Numbers here are based on the 75 years **not** the 95 years.
* Therme will spend $500M on building, $200M on the publicly accessible shoreline and park areas.
* Therme will pay $1.96B over the course of the lease in rent and maintenance payments
* Ontario is on the hook for $25M in specific costs for site remediation before Therme starts building.
* Ontario can terminate the lease after ten years, with five years notice.
* There needs to be at least 1800 available parking spaces on site.
* Under terms of the deal, Therme won’t be allowed to operate any other business on the Ontario Place site, such as a casino or shopping mall.
* The lease requires Therme to pay 100 per cent of property taxes to the City of Toronto as well as corporate taxes, sales taxes and any other fees due “like other companies.”
* the public will have “unrestricted access to the waterfront at all times” while within the leased area
​
On rent/payments:
* property taxes utilities and fees are owed to the city
* 1.1 billion in rent payments. So about 14 mil per year over 75 years
* 855 million in “maintenance payments”. This the part where Therme maintains the beaches and trails, I think. Its about 12 million per year
* combined to about 26 million per year
​
* rent is paid based on 3.5% of the land value, indexed to inflation starting in 2025 which amounts currently to 2 million.
* Rent seems to ramp up after 2034 where its around $40 million a year
* total of 84 million per year between 2034 and 2044. Unclear if that’s total or per year
* If Therme beats performance expectations the government gets millions extra starting in 2034
Conservatives leasing off public assets on a 90+ year lease
I’ve seen this one before…
Where was the open call for tenders, so other companies could bid on developing the land?
Does anyone know how big a spa this will be that they need 1800 parking spots?
You know, the bath concept worked so well for the Romans…
Can we get some aqueducts to go with it?
This another one of those ‘common sense’ decisions we’re supposed to expect from the Cons?
Its absolutely remarkable that a provincial government is able to float the idea of paying about 10x the initial price to cancel one ~100 year lease while in the process of selling off another public asset on a similar lease shrouded in secrecy and face absolutely zero political repercussions.
Just a gaggle of people shrugging and going along with what the beer guy says.
I still can’t get over the fact that no one asked for this bullshit? Like I’m sorry but can you point me to the part of DoFo’s campaign where he said this was needed/would be explored and it was at least implicitly approved by his voters? Or any time when there was some sort of public call to bulldoze one of our most beloved public spaces and lease it over to a foreign corporation?
It’s mind boggling that we are letting him get away with this while people are sleeping in parks and food banks are overrun in our province.
How long until it becomes an Indian temple?
How much are Ford and his friends getting in kickbacks to approve this?
Another 100 year lease like the 407. Great, let the Ontario place gouging begin.